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the deficit then was nearly as big and that deficit was almost erased. how did roosevelt do that? created social security and levied heavier taxes, programs for housing and agriculture, put new controls over banks, public utilities and created enormous work relief programs for the unemployed. sounds similar to the president's proposals today, but unlike the last four years fdr saw the unemployment drop, millions of jobs created, gdp jumped, the deficit shrank and the middle class saw a huge expansion that lasted for decades, a building of the middle class that's the envy of the world or used to be. peter, peter morici, can this feat of rebuilding the middle class and reducing the deficit, can that happen again? >> absolutely, but we have to remember that roosevelt inherited a very small government, so expanding it wasn't the rock on the back of the private sector. a more comparable situation was reag reagan's dilemma, inherited an economy with double digit inflation and interest rates and unemployment that peaked at 10.8%, not 10 as mr. obama's did, but hy he took his stimulus in
the deficit then was nearly as big and that deficit was almost erased. how did roosevelt do that? created social security and levied heavier taxes, programs for housing and agriculture, put new controls over banks, public utilities and created enormous work relief programs for the unemployed. sounds similar to the president's proposals today, but unlike the last four years fdr saw the unemployment drop, millions of jobs created, gdp jumped, the deficit shrank and the middle class saw a huge...
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Jul 26, 2011
07/11
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these emergency steps also added to the deficit. every family knows a little credit card debt is manageable. but if we stay on the current path, our growing debt could cost us jobs and do serious damage to the my. more of our tax dollars will go toward paying off the interest on our loans. businesses will be less likely to open up shop and hire workers in a country that can't balance its books. interest rates could climb for everyone who borrows money. the home own we are a mortgage. student with a college loan. the corner store that wants to expand. and we won't have dmuf money to make job creating investments and things like education and infrastructure or pay for vital programs like medicare and medicaid. because neither party is blameless for the decisions that led to this problem, both parties have a responsibility to solve it. over the last several months, that's who we've been trying to do. i won't bore you with the details of every plan or proposal but the debate has basically centered around two different approaches. the fi
these emergency steps also added to the deficit. every family knows a little credit card debt is manageable. but if we stay on the current path, our growing debt could cost us jobs and do serious damage to the my. more of our tax dollars will go toward paying off the interest on our loans. businesses will be less likely to open up shop and hire workers in a country that can't balance its books. interest rates could climb for everyone who borrows money. the home own we are a mortgage. student...
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you have to reduce the deficit our way. and in exchange we'll agree to pay the country's bills on time. >> are they backing off the obama care part of this? we haven't talked about obama care so much tonight. >> i want to talk about obama care specifically. which is in your space, maryland, only 326 people according to the "wall street journal" today have enrolled today. 326. that is a sad and small number especially since your governor said he wanted maryland to lead the way. are you concerned by the fact that the obama administration has not been releasing the numbers of people and obviously there are serious problems with the website that many critics say they are not fully transparent about. >> we had the same problem in maryland. we were swamped in the first days in terms of the number of people coming on to the website and shopping for health insurance. that's a good sign. obviously there were a lot of glitches. they will have to get the system in shape. but we'll know by the end of the next couple months. a lot of pe
you have to reduce the deficit our way. and in exchange we'll agree to pay the country's bills on time. >> are they backing off the obama care part of this? we haven't talked about obama care so much tonight. >> i want to talk about obama care specifically. which is in your space, maryland, only 326 people according to the "wall street journal" today have enrolled today. 326. that is a sad and small number especially since your governor said he wanted maryland to lead the...
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Oct 13, 2012
10/12
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finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your bottom line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from
finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society....
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trillions more in deficit spending. just moments ago, president obama began the effort to sell the idea. >> i'm not willing to let working families across the country become collateral damage for political warfare here in washington. and item not willing to let our economy slip backyards just as we're pulling ourselves out of this devastating recession. >> before that, the president had a long meeting with democratic congressional leaders. some are angry. some are frustrated. that's how a leadership source described the meeting to me. is this the best deal the president could get? is all the red ink worth it and how many democrats will refuse to support it? sherrod brown of ohio, but first, the details and what it means to your bottom line. here are the highlights. the big picture is this. ilt extends all the bush tax cuts for two years. the president wanted to stop at $250 thur $250,000. it also extends jobless benefits. the white house says that will protect 7 million americans over the next year. an estate tax deal t
trillions more in deficit spending. just moments ago, president obama began the effort to sell the idea. >> i'm not willing to let working families across the country become collateral damage for political warfare here in washington. and item not willing to let our economy slip backyards just as we're pulling ourselves out of this devastating recession. >> before that, the president had a long meeting with democratic congressional leaders. some are angry. some are frustrated. that's...
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Oct 14, 2013
10/13
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the deficit are falling faster than they have either ever fallen and the debt to gdp ratio, our debt level is not going to return for more than a decade. shutting down the government and threatening that we might have to default on either domestic obligations or on the bonds is a total cull one to craze noun. that's going to tank the economy at best. >> that's another quick question. >> i'm just curious. he offered a six-week extension with all he was requesting to negotiate. >> here's my fear. the guy from u.p.s., brings the package to your health. he has the ability to run over your package, throw it away, whatever. we should be negotiating about all of those issue that face the country. you like revenue versus cuts, things like that. but i think it's misleading to say that's what boehner was doing, because he was asking to negotiate on the debt ceiling. >>> nothing, you know, says have a substantive debate like a tea party really with sarah palin, ted cruz an the conphet rat flag. so this entire crisis that ted cruz led us down, hundreds of thousands of people not getting a payche
the deficit are falling faster than they have either ever fallen and the debt to gdp ratio, our debt level is not going to return for more than a decade. shutting down the government and threatening that we might have to default on either domestic obligations or on the bonds is a total cull one to craze noun. that's going to tank the economy at best. >> that's another quick question. >> i'm just curious. he offered a six-week extension with all he was requesting to negotiate....
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into record deficits. and that's a fact. but we have to go to a break right now. when we can continue this when we come back. david, in a minute, i also want to ask you about the latest proof that voters, including many republicans are getting sick of these antics. they're tired of being pushed around by the tea party. humans. even when we cross our "ts" and dot our "i's", we still run into problems. that's why liberty mutual insurance offers accident forgiveness with our auto policies. if you qualify, your rates won't go up due to your first accident. because making mistakes is only human, and so are we. we also offer new car replacement, so if you total your new car, we'll give you the money for a new one. call liberty mutual insurance at... and ask us all about our auto features, like guaranteed repairs, where if you get into an accident and use one of our certified repair shops, the repairs are guaranteed for life. so call... to talk with an insurance expert about everything that comes standard with ou
into record deficits. and that's a fact. but we have to go to a break right now. when we can continue this when we come back. david, in a minute, i also want to ask you about the latest proof that voters, including many republicans are getting sick of these antics. they're tired of being pushed around by the tea party. humans. even when we cross our "ts" and dot our "i's", we still run into problems. that's why liberty mutual insurance offers accident forgiveness with our...
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that's the big driver of our deficits right now. my grandmother, some of you know, helped to raise me, and my grandparent did. my grandfather died a while back. my grandmother died three days before i was elected president. she was fiercely independent. only with a high school education, started as a secretary and ended up being vice president of a local bank. she ended up living alone by choice, and the reason she could be independent was because of social security and medicare. she had worked all her life, put in this money, and understood that there was a basic guarantee under which she could not go. that's the perspective i bring when i talk about what's called entitlements. the name implies some sort of dependency on the part of folk. these are folks that have worked hard, like my grandmother and millions are counting on this. my approach is to say how do we strengthen the system over the long term? in medicare, what we did, we said we are going to have to bring down the costs if we are going to deal with long-term deficits. to
that's the big driver of our deficits right now. my grandmother, some of you know, helped to raise me, and my grandparent did. my grandfather died a while back. my grandmother died three days before i was elected president. she was fiercely independent. only with a high school education, started as a secretary and ended up being vice president of a local bank. she ended up living alone by choice, and the reason she could be independent was because of social security and medicare. she had worked...
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the president is serious about deficit reduction. with the bipartisan deficit commission, you're going to see the president roll out a series of proposals from that commission and others who have weighed in during his budget and state of the union and see if the republicans are serious about cutting the size of government. they weren't during the bush administration. perhaps now they'll decide that they do want to get serious about that. those are two areas where we think there's significant room and then always in terms of fighting for the middle class and fighting for job creation. often the republicans in the last years fought against things like small business lending bill and stimulus for the economy. but now with the majority in the house they have the opportunity and responsibility to govern, and we'll see if they take that seriously or not. >> governor, i want to challenge you on the deficit reduction part. the president is serious about deficit reduction, spent $787 million on the first stimulus. the tax deal in december, $8
the president is serious about deficit reduction. with the bipartisan deficit commission, you're going to see the president roll out a series of proposals from that commission and others who have weighed in during his budget and state of the union and see if the republicans are serious about cutting the size of government. they weren't during the bush administration. perhaps now they'll decide that they do want to get serious about that. those are two areas where we think there's significant...
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Jan 28, 2010
01/10
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. >> deficit reduction. imagine if the speech that the president gives tonight, if he'd have given that a year ago. if a year ago he said, by the way, tax cuts for small businesses. we're going to grow the economy. we're going to have a little deficit reduction, do some things to fix health care. this would have been a much more successful president. >> do you agree with that? >> no, no, no. >> obviously. >> let me bring a little history into this. this week we can ask is this presidency over? i won't name the name. one of the most famous pundits in america said that on day 12 of the clinton presidency. day 12. the pundits were asking is the presidency over? >> he nearly broke the ice. >> he went on to serve another 2,790 days. why? because he passed his program and it worked. if barack obama can pass his program and it works, he'll be fine. >> i see the president of the united states has now left the holding area and he's about to be introduced and walk into the chamber. the speaker -- the introduction is a
. >> deficit reduction. imagine if the speech that the president gives tonight, if he'd have given that a year ago. if a year ago he said, by the way, tax cuts for small businesses. we're going to grow the economy. we're going to have a little deficit reduction, do some things to fix health care. this would have been a much more successful president. >> do you agree with that? >> no, no, no. >> obviously. >> let me bring a little history into this. this week we can...
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Oct 14, 2012
10/12
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that means the deficit would rise by $6.7 trillion. it's a good first step, but budget experts say that's still too high. mitt romney, meanwhile, has focused on the cuts. his economic plan, 55% of it cap spending at 20% gdp but his plan avoid cutting from defense. mitt romney says he would approve a balanced budget plan that only spends as much as it takes in, and he would also pursue entitlement reform. mitt romney's issues are taxes. romney's plan called for a 20% tax cut across the board. he said he would balance the loopholes and he said he would take care of the middle class family. but it's impossible to lower rates without taking money from low and middle income families. his plan would leave debt at 85% gdp by the end of the decade. we've been telling you also about the fiscal cliff. budget cuts will take place at the beginning of next year unless congress acts. president obama or president romney will need to worry about a rescisicessionrecession. they won't need to worry about a deficit. it would fall this year if we fell off
that means the deficit would rise by $6.7 trillion. it's a good first step, but budget experts say that's still too high. mitt romney, meanwhile, has focused on the cuts. his economic plan, 55% of it cap spending at 20% gdp but his plan avoid cutting from defense. mitt romney says he would approve a balanced budget plan that only spends as much as it takes in, and he would also pursue entitlement reform. mitt romney's issues are taxes. romney's plan called for a 20% tax cut across the board. he...
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May 18, 2013
05/13
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i think the chance of another down grade is remote because of the spectacular progress on the deficit. here is the interesting angle to me. it is not that obama's agenda is in at that time in tatteres is, it was months ago. i think what may has been, the things he doesn't want may get shoved down his throat, keystone pipeline and maybe another sequester n november he may have to accept sequester for 2014. >> slowly healing jobs market and plunging deficit mean there is a lot of other things, scandal things talking about in washington. if we were talking about those things, i can assure you democrats would be talking about the other two. thanks, guys. >> coming up. u 8 >>> partisanship and the inability of our elected leaders to put our prosperity ahead of politics paralyzed washington and that paralysis brought us debt debacles, sequesters, fiscal cliffs and it has gotten so bad olympia snow decided last year she could serve no more. she has a new book fighting for common ground, a memoir of her career. when i sat down with her i asked her point-blank what is wrong with these people i
i think the chance of another down grade is remote because of the spectacular progress on the deficit. here is the interesting angle to me. it is not that obama's agenda is in at that time in tatteres is, it was months ago. i think what may has been, the things he doesn't want may get shoved down his throat, keystone pipeline and maybe another sequester n november he may have to accept sequester for 2014. >> slowly healing jobs market and plunging deficit mean there is a lot of other...
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so you can talk in a general way about cutting deficits. when you get to the details, people get cold feet. >> this congress couldn't agree on what kind of pizza to get for lunch, honestly, let alone to things that matter to middle class families. keep coming back. keep talking about this, not much type before the election and fiscal cliff looming. >>> president obama is attacking minimum for saying small classes in school don't guarantee students' success. problem is, those comments sound a lot like comments president obama's education secretary made two years ago. we'll ask secretary duncan if he stands by what he said. that's next on "your bottom line." [ ding ] oh, that's helpful! well, our company does that, too. actually, we invented that. it's like a sauna in here. helping you save, even if it's not with us -- now, that's progressive! call or click today. no mas pantalones! ñÑ ♪ atmix of energies.ve the world needs a broader that's why we're supplying natural gas to generate cleaner electricity... that has around 50% fewer co2 em
so you can talk in a general way about cutting deficits. when you get to the details, people get cold feet. >> this congress couldn't agree on what kind of pizza to get for lunch, honestly, let alone to things that matter to middle class families. keep coming back. keep talking about this, not much type before the election and fiscal cliff looming. >>> president obama is attacking minimum for saying small classes in school don't guarantee students' success. problem is, those...
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Oct 17, 2012
10/12
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when we talk about deficits, if we're adding to our deficit for tax cuts for folks who don't need them and we're cutting investments in research and science that will create the next apple, create the next new innovation that will sell products around the world, we'll lose that race. if we're not training engineers to make sure they are equipped here in the country, then companies won't come here, those investments are what will help to make sure that we continue to lead this world economy, not just this year, but 50 years from now, 100 years from now. >> government doesn't create job. government does not create jobs. >> governor, i want to introduce to you barry green, he's going to have the last question to you first. >> hi, barry. >> hi, governor. >> i think this is a tough question for each of you. what do you believe is the biggest misperception that the american people have about you as a man and a candidate? using specific examples, can you take this opportunity to debunk that misperception and set us straight. >> thank you. that's an opportunity for me, and i appreciate it. in
when we talk about deficits, if we're adding to our deficit for tax cuts for folks who don't need them and we're cutting investments in research and science that will create the next apple, create the next new innovation that will sell products around the world, we'll lose that race. if we're not training engineers to make sure they are equipped here in the country, then companies won't come here, those investments are what will help to make sure that we continue to lead this world economy, not...
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Dec 15, 2010
12/10
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deficits concerns went nowhere and we add $4 trillion to the deficit? >> deficit concerns are never as much as people around here like to say they are. in my party, social security and medicare, the importance of those two things trump deficit concerns. the republicans party, tax cuts for the rich trump deficit concerns. read into that what you want. that's clearly what happened. in the juxtaposition, the democrats sat around talking about it and tax cuts for people making millions of dollars a year is pretty stark. this will be the excuse to gut the programs that you and i care about and that we will get the raw end of both sides of this bargain, tax cuts for the rich and none of the investment we need. that would be the worst possible outcome. >> that's my biggest fear. the discussions in the next two to five years are all about cutting spending on pel grants and the environmental protection agency and medicare and social security. they're not going to get away with it, but it's going to be a big fight. >> i do have to say, there's one school of thoug
deficits concerns went nowhere and we add $4 trillion to the deficit? >> deficit concerns are never as much as people around here like to say they are. in my party, social security and medicare, the importance of those two things trump deficit concerns. the republicans party, tax cuts for the rich trump deficit concerns. read into that what you want. that's clearly what happened. in the juxtaposition, the democrats sat around talking about it and tax cuts for people making millions of...
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Dec 16, 2010
12/10
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they got elected on deficit crisis concern. they come out and support with the president this huge tax cut we can't afford. i just don't see how you square that circle. i hope you keep pounding away at that grotesque inconsistency. >> oh, absolutely, i will. in fact, that's why i think putting everything forward into next year except for the unemployment benefits would be a way to kind of call that question on him and point at hypocrisy if they don't figure out a way to pay for borrowing another $450 billion. >> thank you, congressman, look forward to having you back to report on how things go in the next couple of days. >>> still ahead, president obama met with 20 top business leaders in the white house today. we'll speak to one of those ceos to find out if fences were mended or bridges were burned. >>> the president's tax compromise, or as i like to call it, his tax capitulation, passed the senate today by a vote of 81-19. now it moves on to the house where opposition from both the left and right could delay or even derail th
they got elected on deficit crisis concern. they come out and support with the president this huge tax cut we can't afford. i just don't see how you square that circle. i hope you keep pounding away at that grotesque inconsistency. >> oh, absolutely, i will. in fact, that's why i think putting everything forward into next year except for the unemployment benefits would be a way to kind of call that question on him and point at hypocrisy if they don't figure out a way to pay for borrowing...
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or pay down our deficit. i don't believe firing teachers or kicking students off financial aid will grow the economy or help us compete with the scientists and engineers coming out of china. after all we've been through, i don't believe that rolling back regulations on wall street will help the small business woman expand or the laid off construction worker keep his home. we have been there. we've tried that. we're not going back. we are moving forward, america. [ applause ] now, i won't pretend the path i'm offering is quick or easy. i never have. you didn't elect me to tell you what you wanted to hear. you elected me to tell you the truth. and the truth is, it will take more than a few years for us to solve challenges that have built up over decades. it will require common effort and shared responsibility and the kind of bold, persistent ex-per tentation -- experimentation that franklin roosevelt pursued during a crisis such as this one. and those of us who carry on his legacy should remember that not every
or pay down our deficit. i don't believe firing teachers or kicking students off financial aid will grow the economy or help us compete with the scientists and engineers coming out of china. after all we've been through, i don't believe that rolling back regulations on wall street will help the small business woman expand or the laid off construction worker keep his home. we have been there. we've tried that. we're not going back. we are moving forward, america. [ applause ] now, i won't...
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the deficit is the tip of the iceberg, bring spending down, the deficit will fall. >> now, secretary, i assume you will join those on the left who say that essentially is a trojan horse for extending the bush tax cuts indefinitely, which would benefit some middle class americans, but also create $4 trillion, i think, in ten years in more deficits. >> yeah, i don't understand something, john. and that is many of the same people who are saying we cannot afford to extend unemployment benefits to millions of people who are now in danger of running out because of very, very high unemployment rate and long-term un -- record high long-term unemployment, many of these same people are saying, well, we have got to extend the bush tax cuts to the richest people in our society and we don't need to worry about the budget deficit when it comes to them. i'm sorry, i think they have it upside down. i think we have to help people at the bottom, people who don't have jobs. we've got to not only get them benefits but also get them -- i said before -- a kind of neo wpa, works project administration. we'v
the deficit is the tip of the iceberg, bring spending down, the deficit will fall. >> now, secretary, i assume you will join those on the left who say that essentially is a trojan horse for extending the bush tax cuts indefinitely, which would benefit some middle class americans, but also create $4 trillion, i think, in ten years in more deficits. >> yeah, i don't understand something, john. and that is many of the same people who are saying we cannot afford to extend unemployment...
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Jul 21, 2011
07/11
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this is not the part to be talking about deficit reduction. again, i'm not the only person to say that. show me examples in history where deficit reduction leads to more job. >> would you raise taxes right now to increase revenue? >> i think raising taxes is an option, number one. >> cut spending at the same time? >> i think there are places to cut spending, but we're not cutting it in the right places, number one. number two, you can raise taxes on the right group of americans. number three, i think you can close a whole lot of corporate loopholes. it's tragic for me that mr. emil is head of the economic commission and he heads a company that paid not is cent. i paid more taxes than ge paid. >> what you're really saying is that president obama has not looked after the poor in the way that perhaps he promised it. and he has kind of back scratched the rich and hasn't done nearly enough to be punitive with them. ironically given so many of these people, the bankers and so on, were the ones who got us in the mess. would you like him to go after t
this is not the part to be talking about deficit reduction. again, i'm not the only person to say that. show me examples in history where deficit reduction leads to more job. >> would you raise taxes right now to increase revenue? >> i think raising taxes is an option, number one. >> cut spending at the same time? >> i think there are places to cut spending, but we're not cutting it in the right places, number one. number two, you can raise taxes on the right group of...
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Jul 26, 2011
07/11
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that won't help solve the deficit problems. in the next few days we need the republicans in the house to understand, they will get a lot of what they want. a lot of spending cuts. washington is committed to reducing the deficit. we can't have a my way or the highway approach. if we'll just be reasonable, and that's how most things our country have gotten done. we can make a big down payment on the deficit and have the discussion the country needs to have over the next five or six months about balancing our budget and reducing our deficit. as the president said tonight mark the balanced way. not asking everything of college students or middle class families or senior citizens but also asking something of the wealthiest. >> you watched the speech. what did he make of his golfing partner's comments? >> we were walking out of the room. so we did not get to watch speaker boehner's speech. i read the transcript. the point is this. and the president said. speaker boehner and he had a great discussion. as wolf blitzer said before i cam
that won't help solve the deficit problems. in the next few days we need the republicans in the house to understand, they will get a lot of what they want. a lot of spending cuts. washington is committed to reducing the deficit. we can't have a my way or the highway approach. if we'll just be reasonable, and that's how most things our country have gotten done. we can make a big down payment on the deficit and have the discussion the country needs to have over the next five or six months about...
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Apr 14, 2011
04/11
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we know we have to cut the deficit. the deficit is a real problem. but at the same time, we know we have to grow the economy. and increase jobs and increase middle class lives. and the president has put his money on both. there's significant deficit reduction. $4.4 trillion over 12 years. but at the same time the president has said that we are not going to do certain things that some on the radical right would like be done. let me name three major differences between the president's proposal and, say, the ryan proposal. first, we don't believe in ending medicare. or making medicare so fragile that a senior citizen can't exist on it. second, we believe that there are certain programs that have to grow. for instance, we have to continue helping kids go to college. we have to make our schools better. we have to build modern infrastructure. and we have to continue scientific research. and, third, the president believed in shared sacrifice. the republican proposal actually lowers taxes on multimillionaires who really don't need these government programs.
we know we have to cut the deficit. the deficit is a real problem. but at the same time, we know we have to grow the economy. and increase jobs and increase middle class lives. and the president has put his money on both. there's significant deficit reduction. $4.4 trillion over 12 years. but at the same time the president has said that we are not going to do certain things that some on the radical right would like be done. let me name three major differences between the president's proposal...
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you said you would cut the deficit in half hour. we still have $1 trillion deficits. the cbo says we'll have $1 trillion deficit for the next four years. you said before you would cut the deficit in half, and i lot of this idea $4 trillion in cuts. you found $4 trillion in ways to reduce or to get closer to a balanced budget, except we still show $1 trillion deficits every year. that doesn't get the job done. let me come back and say why is it that i don't want to raitaxe? i don't want to raise tack on people. you said it back in 2010 where you said, look, i'm going to extend the tax policies that we have. i'm not going to raise tacks on anyone because when the economy is growing slee sloe like this, when are you in recession, you shouldn't raise taxes on anyone. well, the economy is still growing slow. as a matter of fact, it's growing much more slowly now than when you made that statement. so if you believe the same thing, you just don't want to raise taxes on people, and the reality is it's not just wealthy people. you mentioned donald trump. it's not just donald t
you said you would cut the deficit in half hour. we still have $1 trillion deficits. the cbo says we'll have $1 trillion deficit for the next four years. you said before you would cut the deficit in half, and i lot of this idea $4 trillion in cuts. you found $4 trillion in ways to reduce or to get closer to a balanced budget, except we still show $1 trillion deficits every year. that doesn't get the job done. let me come back and say why is it that i don't want to raitaxe? i don't want to raise...
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Jul 10, 2010
07/10
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they also understand the word deficit. so you can talk about first quarters and second quarters and gdp and the trade balance, but if you say we're spending x amount of dollars over what we're taking in, people sort of intrinsically know that's a bad thing. and that's what republicans are banking on. >> i would like to agree with candy on the politics of deficit, but i want to cast a little bit of doubt on those forward projections that christine was talking about at the beginning. and i think steven is actually going agree with me on this one, that it's incredibly hard to know how debt and deficit looks 10, 20 years into the future because it all depends on the size of the economy. so really the central question, we're talking about sort of stimulus versus deficits, do you want to tax more, do you want to spend more. the real center issue is how do you get the economy to grow. and a half a percent or an extra percent a year of economic growth solves a heck of a lot of problems. and that really i think needs to be the cent
they also understand the word deficit. so you can talk about first quarters and second quarters and gdp and the trade balance, but if you say we're spending x amount of dollars over what we're taking in, people sort of intrinsically know that's a bad thing. and that's what republicans are banking on. >> i would like to agree with candy on the politics of deficit, but i want to cast a little bit of doubt on those forward projections that christine was talking about at the beginning. and i...
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Jul 31, 2009
07/09
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CNN
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many states tonight are facing massive budget deficits. they're considering desperate measures to raise money. state lawmakers are resorting to all sorts of plans and accounts measures trying to close their budget gaps. >> reporter: lawmakers in arizona are struggling to close a $3.4 billion budget deficit to avoid any greater spending cuts and tax increases they're proposing to sell the capitol building where they work. along with the sale and leaseback of other state proept arizona lawmakers estimate they can raise more than $700 million. >> it is a technique being used all across the country by many, many states to help balance their budgets. it's also a mechanism that we had no disagreement with on the democratic side of the aisle. >> reporter: washington state governor sign add budget that closed part of its deficit by calculating the savings in pension payouts based on state employees working longer while not recognizing that they're also likely to live longer. alabama eliminated funding for school supplies but the costs will be shif
many states tonight are facing massive budget deficits. they're considering desperate measures to raise money. state lawmakers are resorting to all sorts of plans and accounts measures trying to close their budget gaps. >> reporter: lawmakers in arizona are struggling to close a $3.4 billion budget deficit to avoid any greater spending cuts and tax increases they're proposing to sell the capitol building where they work. along with the sale and leaseback of other state proept arizona...
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Aug 15, 2009
08/09
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-- long-term deficit problems would be solved. just that alone, if we could just reduce the amount of health care inflation, our deficit problems would be solved. this is the most important thing we can do for deficit reduction. in the debate, you have heard a lot of people say we can't afford to do this because our deficit and debts are too high. the biggest driver of our deficits and debt is health care. >> we have heard many claims about what health care reform will mean for americans, including as you heard the president say, what it would do to the federal deficit, lori robertson is with fact check.org with the university of pennsylvania. she receives no funding from corporations, so she has straight answers for us tonight. so this idea of cutting the fat right now becomes fiscal responsibility, the president spoke about, how true is that? >> he talked again about getting 2/3 of the cost of the health care overall by eliminating waste. most of that are some ideas to get some savings out of medicare and as we have written the
-- long-term deficit problems would be solved. just that alone, if we could just reduce the amount of health care inflation, our deficit problems would be solved. this is the most important thing we can do for deficit reduction. in the debate, you have heard a lot of people say we can't afford to do this because our deficit and debts are too high. the biggest driver of our deficits and debt is health care. >> we have heard many claims about what health care reform will mean for americans,...
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policy issues, most cases dealing with deficit reduction. all the big budget deals were done that way. 1985, you had a democrat house, a republican senate and republican president, but that was done in association with the debt limit. we ought to do things that are good for reforming our spending, getting our country on a better fiscal trajectory and growing jobe. keystone pipeline is one of those things on the list, about you to say i'm not going to negotiate, it defies history. >> he's acting like this is some novel request. >> we export young men and women to protect those ships that bring oil into our country. i don't think it's right for us to be exporting oil out of the united states when weapon young men and women in the middle east. that oil should stay here, the petroleum institute, they oppose keeping the oil here. that is just plain wrong. >> we certainly should not be bringing the economy to the brin i want to bring up something -- >> it's not just about the pipeline, by the way. >> in full disclosure, in the effort in full discl
policy issues, most cases dealing with deficit reduction. all the big budget deals were done that way. 1985, you had a democrat house, a republican senate and republican president, but that was done in association with the debt limit. we ought to do things that are good for reforming our spending, getting our country on a better fiscal trajectory and growing jobe. keystone pipeline is one of those things on the list, about you to say i'm not going to negotiate, it defies history. >> he's...
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i look at our discussions about the debt and deficit. i know stephen is going to disagree with me here. i think about 1930, 1931 when that's all herbert hoover talked about. meanwhile the economy just collapsed. do we need to do something about entitlements, yes. do we need to get the debt under control. yes. do we need to be free spending in sanely, no. the notion we should tighten the vise on government right now when we're in trouble doesn't agree with me. >> number one, president obama hasn't really put anything on the table as a conservative that i believe would actually create jobs. that's why there's gridlock. >> let me bring in roland. roland martin, cnn contributor. we feel bad, my friend. an aggie got into the national race, got on the national stage 72 hours, started to flame out. now we're talking about chris christie. are democrats worried about chris christie and should they be worried about chris christie attracting, as joe said, the very independents that barack obama used to be very attractive to. >> this is very simple
i look at our discussions about the debt and deficit. i know stephen is going to disagree with me here. i think about 1930, 1931 when that's all herbert hoover talked about. meanwhile the economy just collapsed. do we need to do something about entitlements, yes. do we need to get the debt under control. yes. do we need to be free spending in sanely, no. the notion we should tighten the vise on government right now when we're in trouble doesn't agree with me. >> number one, president...
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we have a deficit the same as greece. >> so taking that deficit number, and let me put some other figures up for the audience. in the economy right now, and gas prices are high. we are $16 trillion in debt, and there is, there are 43 months of unemployment over 8%. how do you sell that? >> so, look, i think that the first thing that you do is to remind people what republicans would like you to believe is that the world started on the 20th of january 2009, but it didn't. when barack obama took office what he had was a president who had inherited a 2% surplus, and left behind a 2% structural deficit that then exploded as the economy collapsed. when barack obama took out, the economy was not going down, but it was plummeting. people would go to bed at night and we were losing 700,000 to 800,000 jobs in a month. and you didn't know anywhere in america if you had a job the next day. my sister sold what was a high-risk technology stock and invested in aig, and you didn't know. there was no security left. within nine months barack obama not only stabilized that, but he restructured and not baile
we have a deficit the same as greece. >> so taking that deficit number, and let me put some other figures up for the audience. in the economy right now, and gas prices are high. we are $16 trillion in debt, and there is, there are 43 months of unemployment over 8%. how do you sell that? >> so, look, i think that the first thing that you do is to remind people what republicans would like you to believe is that the world started on the 20th of january 2009, but it didn't. when barack...
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Dec 10, 2011
12/11
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is the real problem not a budget deficit national debt is at it deficit of leadership? my x, y and z is next. luck? i don't trade on luck. i trade on fundamentals. analysis. information. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only from td ameritrade. welcome to better trade commission free for 60 days when you open an account. nyqui tylenol: me, too. and cougnasal congestion.ers? trade commission free for 60 days nyquil:what? tissue box (whispering): he said nasal congestion... nyquil: i heard him. anncr vo: tylenol cold multi-symptom nighttime relieves nasal congestion... nyquil cold & flu doesn't. >>> you're familiar with america's growing debt and deficit. the national debt now topping $15 trillion. the size of our debt is forecast to be bigger than our entire economy by the year 2021. there's another defi
is the real problem not a budget deficit national debt is at it deficit of leadership? my x, y and z is next. luck? i don't trade on luck. i trade on fundamentals. analysis. information. i trade on tradearchitect. this is web-based trading, re-visualized. streaming, real-time quotes. earnings analysis. probability analysis: that's what opportunity looks like. it's all visual. intuitive. and it's available free, wherever the web is. this is how trade strategies are built. tradearchitect. only...
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Aug 26, 2012
08/12
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CNN
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i tend to share dan's views on the deficit. the bond market doesn't care about the deficit. interest rates are extraordinarily low. as long as the bond market doesn't care about the deficit, doesn't keep me awake at night. so, no, i don't think fiscal austerity is the answer right now. i would say this, though. perhaps counter what dan said. there is plenty of blame to go around. >> yeah, tell me about the tea party angle. whenever i talk about fiscal cliff, i get a lot of mail from people who say why don't you say it like it really is? the tea party said we're going to oppose this president and that's why we're here. do you agree? >> yes. at the same time, i think both parties are xlos complicity in not getting much done. president obama advocated on this. he hasn't really taken a very forceful role especially on entitlement reform. i would like to see him get a little more involved and he should because his re-election would hinge on that. >> an election year, a fiscal cliff. i thought the debt ceiling debate was bad last year. i didn't know it could get worse. it has. dan
i tend to share dan's views on the deficit. the bond market doesn't care about the deficit. interest rates are extraordinarily low. as long as the bond market doesn't care about the deficit, doesn't keep me awake at night. so, no, i don't think fiscal austerity is the answer right now. i would say this, though. perhaps counter what dan said. there is plenty of blame to go around. >> yeah, tell me about the tea party angle. whenever i talk about fiscal cliff, i get a lot of mail from...
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Aug 22, 2009
08/09
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>> this president inherited a deficit, but he didn't inherit this deficit. this deficit he made. and he made it with his eyes open. he made it in the first months of his presidency when he decided to do this enormous stimulus package. the united states has had about the biggest stimulus in the world. rop -- relative to its economy. only china did a bigger one. they had the money in the bank. it didn't have to borrow. countries that did smaller stimulus, like canada, are comes out of the recession faster. of the world's ten biggest economies, i think only the united states, britain and italy will still be in recession. he sold the stimulus saying the recess would be less. now the debt and real and permanent. that's his legacy to the next presidency. >> i'm sorry. the one-year stimulus is not driving the ten-year structural deficit. it's just not. what is driving it are things like this, a war in iraq that will cost $1 trillion to $2 trillion, thinks a nobel peace prize winner. the bush expansion of entitlement. that is already $800 billion and will continue to grow. it's the struc
>> this president inherited a deficit, but he didn't inherit this deficit. this deficit he made. and he made it with his eyes open. he made it in the first months of his presidency when he decided to do this enormous stimulus package. the united states has had about the biggest stimulus in the world. rop -- relative to its economy. only china did a bigger one. they had the money in the bank. it didn't have to borrow. countries that did smaller stimulus, like canada, are comes out of the...
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Jan 23, 2011
01/11
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the elites want to hear a deficit challenge. they are not wrong, we need to reduce the deficit and middle class americans want to hear about jobs and they are not wrong either. >> creating them which takes stimulus. >> he believes you have to do more to create those jobs, and those are two ice floes moving in absolutely different directions and he's having to straddle them. if anybody can do it, it's barack obama. >> let's talk about it -- let's talk about it after tuesday and see how he does. paul begala, michael gerson, thanks so much. >>> up next, why two presidential speeches given almost exactly 50 years ago still have so much relevance for today's politicians. somewhere in america, a city comes to life. it moves effortlessly, breathes easily. it flows with clean water. it makes its skyline greener and its population healthier. all to become the kind of city people want to live and work in. somewhere in america, we've already answered some of the nation's toughest questions. and the over sixty thousand people of siemens are
the elites want to hear a deficit challenge. they are not wrong, we need to reduce the deficit and middle class americans want to hear about jobs and they are not wrong either. >> creating them which takes stimulus. >> he believes you have to do more to create those jobs, and those are two ice floes moving in absolutely different directions and he's having to straddle them. if anybody can do it, it's barack obama. >> let's talk about it -- let's talk about it after tuesday and...
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Sep 10, 2009
09/09
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our deficit will grow, more families will go bankrupt, more businesses will close. more americans will lose their coverage when they are sick and need it the most. and more will die as a result. we know these things to be true. that is why we cannot fail, because there are too many americans counting on us to succeed. the ones who suffer silently and the ones who share their stories with us at town halls and in e-mails and in letters. i received one of those letters a few days ago. it was from our beloved friend and colleague, ted kennedy. he had written it back in may, shortly after he was told that his illness was terminal. he asked that it be delivered upon his death. in it, he spoke about what a happy time his last months were, thanks to the love and support of family and friends, his wife, vicki, his amazing children, who are all here tonight, and he expressed confidence that this would be the year that health care reform, that great unfinished business of our society, he called it, would finally pass. he repeated the truth that health care is divisive for our
our deficit will grow, more families will go bankrupt, more businesses will close. more americans will lose their coverage when they are sick and need it the most. and more will die as a result. we know these things to be true. that is why we cannot fail, because there are too many americans counting on us to succeed. the ones who suffer silently and the ones who share their stories with us at town halls and in e-mails and in letters. i received one of those letters a few days ago. it was from...
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Nov 11, 2012
11/12
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CNN
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that might sound like a dream situation to a deficit hawk like you. why don't you like the idea of going over the fiscal cliff? >> we must not go over the fiscal cliff because it would cause us to go back into recession, undercut confidence in government and potentially undercut the ability to get a grand bargain. we need to make a down payment. we need to extend tax provisions and spending reductions to set up a grand bargain in 2013, and the president needs to show extraordinary leadership and go directly to the people with the facts, the truth and the tough choices. he should call congress back and say, no deal, no break. you don't get any days off other than weekends until we have a deal on the fiscal cliff, and we ought to do the same thing in 2014 for a fiscal grand bargain. >> christine, that means we don't get days off, either, while they're doing it, but it might be worth it. this is something david has been pushing for a long time in terms of government spending. he says if we do go over that fiscal cliff, it does look like greece. you have
that might sound like a dream situation to a deficit hawk like you. why don't you like the idea of going over the fiscal cliff? >> we must not go over the fiscal cliff because it would cause us to go back into recession, undercut confidence in government and potentially undercut the ability to get a grand bargain. we need to make a down payment. we need to extend tax provisions and spending reductions to set up a grand bargain in 2013, and the president needs to show extraordinary...
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we have with the deficit and to rein that in. people are screaming about unemployment insurance. we need to fundamentally fix the tax code and deal with entitlement spending in the first six months of 2011 to bring the long-term interest rates down over the longer haul. i think that is critical. it is something i don't see a lot of going on. gridlock is not the way going forward. we do not need gridlock. we need people who are grown ups who can make decisions. >> i agree so much with her. i can say one of my concerns is sub par economic growth and stubborn forly high jobless rates is the grown-ups are too afraid for their re-election to tackle the long-term issues. >> it is going to be very, very difficult to bring the deficit down before you get jobs growth really accelerating. >> let me ask you guys this. on that topic, we had a commission, the president has a blue ribbon panel of people who said this is what you have to do to bring down the deficits, to bring down the debt. the goals were not thought of as all that lofty. the
we have with the deficit and to rein that in. people are screaming about unemployment insurance. we need to fundamentally fix the tax code and deal with entitlement spending in the first six months of 2011 to bring the long-term interest rates down over the longer haul. i think that is critical. it is something i don't see a lot of going on. gridlock is not the way going forward. we do not need gridlock. we need people who are grown ups who can make decisions. >> i agree so much with her....
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Sep 24, 2011
09/11
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CNN
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the trade deficit with china is getting worse. oil dependence stabilized in terms of the quantity, the prices have risen and president reducing u.s. production. on the banking side, which we heard a lot about big bangs are monopolizing, share over 50%, they are acquiring deposits not because they want to make loans to regional customer that is need them, small business, homeowners but so they can trade and do business with large corporations very often financing outsourcing. my opinion is the banking system is dysfunctional, not in business for america, simply in business for itself. the president of the united states bears responsibility. this is happening on his watch. >> we've got 13 months until the next election. is it fair to say you've got all parties in washington working quickly to try to come up with important policies to mitigate the pain of unemployment, rising deficits and a slowing economy worldwide or have we turned completely into campaigning mode already? >> i think we've been in campaigning mode since obama came
the trade deficit with china is getting worse. oil dependence stabilized in terms of the quantity, the prices have risen and president reducing u.s. production. on the banking side, which we heard a lot about big bangs are monopolizing, share over 50%, they are acquiring deposits not because they want to make loans to regional customer that is need them, small business, homeowners but so they can trade and do business with large corporations very often financing outsourcing. my opinion is the...
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Dec 11, 2011
12/11
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is the real problem not a budget deficit national debt, is it a deficit of leadership? my xyz is next. the markets never stop moving. of course, neither do i. solution? td ameritrade mobile trader. i can enter trades on the run. even futures and 4x. complex options, done. [ cellphone rings ] thank you. live streaming audio. advanced charts. look at that. all right here. wherever "here" happens to be. mobile trading from td ameritrade. number one in online equity trades. plus get up to $600 when you open an account. [ man #1 ] i was fascinated by balsa wood airplanes since i was a kid. [ man #2 ] i always wondered how did an airplane get in the air. at ge aviation, we build jet engines. we lift people up off the ground to 35 thousand feet. these engines are built by hand with very precise assembly techniques. [ man #3 ] it's gonna fly people around the world. safely and better than it's ever done before. it would be a real treat to hear this monster fire up. [ woman ] i think a lot of people, when they look at a jet engine, they see a big hunk of metal. but when i look a
is the real problem not a budget deficit national debt, is it a deficit of leadership? my xyz is next. the markets never stop moving. of course, neither do i. solution? td ameritrade mobile trader. i can enter trades on the run. even futures and 4x. complex options, done. [ cellphone rings ] thank you. live streaming audio. advanced charts. look at that. all right here. wherever "here" happens to be. mobile trading from td ameritrade. number one in online equity trades. plus get up to...
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Jul 14, 2012
07/12
by
CNN
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you no longer have a deficit problem. you have a long-term problem relating to medicare and health care costs and all the things people are worried about disappear. i think the argument that the economy is so weak that it can't withstand returning to these tax rates is probably not true anymore. the economy has slowly begun to recover. if you look at the housing market, it is clear that it has bottomed out. consumers have paid down debt. at some point we're going to have to get the fiscal house in order. this is the best mechanism. i have a secret weapon here which is i wouldn't -- that's my starting position. if you were to come and say to me we don't want to put all of these tax cuts in, let's phase this in over three or four years, i would say fine. why not instead then do a comprehensive tax reform? >> why not instead then do a comprehensive tax reform in everybody from every party says it. we have seen the tax code, 73,000 pages. it is impossible for anyone to understand and it seems inherently unfair to almost every
you no longer have a deficit problem. you have a long-term problem relating to medicare and health care costs and all the things people are worried about disappear. i think the argument that the economy is so weak that it can't withstand returning to these tax rates is probably not true anymore. the economy has slowly begun to recover. if you look at the housing market, it is clear that it has bottomed out. consumers have paid down debt. at some point we're going to have to get the fiscal house...
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Jan 26, 2011
01/11
by
CNN
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i don't think he came through with the deficits. >> yeah. i want to remind our viewers, once he leaves the house chamber, the republican response, the republican address to the nation as it's called, paul ryan, the congressman from wisconsin, the republican congressman from wisconsin will speak. gloria borger watched and listened. what did you think, gloria? >> i think the president set the right tone here, wolf. he talked about sustaining the american dream, and he said look, there are things you're going to agree on and things we're going to disagree on, and let's not start all over again with health care reform. let's just make it a better bill. but i do think it was not a transformational speech, the kind of speech that people in the white house may have been hoping for. because what they wanted to do was essentially challenge the country to not stand still. and i'm not quite sure that in the end, by not dealing with the deficit issues, by not talking more about jobs, jobs, jobs today, that the president made that connection for the amer
i don't think he came through with the deficits. >> yeah. i want to remind our viewers, once he leaves the house chamber, the republican response, the republican address to the nation as it's called, paul ryan, the congressman from wisconsin, the republican congressman from wisconsin will speak. gloria borger watched and listened. what did you think, gloria? >> i think the president set the right tone here, wolf. he talked about sustaining the american dream, and he said look, there...
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Apr 10, 2010
04/10
by
CNN
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, even big budget deficits. when the economy begins to recover, we really need to do something to be sure we don't keep running even bigger budget deficits and adding to the debt. >> the problem is really quite simple. americans want lots of services for their government, and they have made promises in law that will mean higher federal spending in the future. >> when we've had budget problems in the past, our leaders have done a better job of working together and enacting. during the 1990s, for example, tough budget controls, along with a growing economy, help make fiscal responsibility a reality. >> in a few moments, i will sign into law the first balanced budget in a generation. >> those budget controls helps take us from large and growing deficits to large and growing surpluses. but these controls expired in 2002, and we were recovering from a recession. the budget situation in washington has been out of balance ever since. >> welcome back to io usa solutions. back to the film in a minute, but first let's get
, even big budget deficits. when the economy begins to recover, we really need to do something to be sure we don't keep running even bigger budget deficits and adding to the debt. >> the problem is really quite simple. americans want lots of services for their government, and they have made promises in law that will mean higher federal spending in the future. >> when we've had budget problems in the past, our leaders have done a better job of working together and enacting. during...
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we have heard deficit, deficit, deficit. what happened to the deficit conversation as relates to this particular tax break? the deficit will increase. not only for unemployment benefits and for sendsing the tax cuts. it seems the deficit argument is sort of moves like the wind blowing. >> one quick point. why, if rich people keep their money and spend it in the economy, is it a bad thing? and if the government takes it away and spends it on run-away spending programs it's a good thing? make that argument to me. >> answer my question. >> at the end of the day getting this economy moving and the chairman last night, if federal reon "60 minutes" he said now is not the time for deficit spending. now's the time to get the economy moving and that will ben pit the president and benefit them all? >> i'm just exposing the fact that the deficit discussion has been a fraudulent conversation. it's always a deficit conversation as it relates to the people most in need but when you faulk about the deficit when it comes to those making mor
we have heard deficit, deficit, deficit. what happened to the deficit conversation as relates to this particular tax break? the deficit will increase. not only for unemployment benefits and for sendsing the tax cuts. it seems the deficit argument is sort of moves like the wind blowing. >> one quick point. why, if rich people keep their money and spend it in the economy, is it a bad thing? and if the government takes it away and spends it on run-away spending programs it's a good thing?...
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we can't even close this year's budget deficit. where do democrats and republicans alike start cutting? democrats and republicans alike came up with a compromise to raise the debt ceiling. whether you tell me no or yes, i genuinely believe you aall knew the super committee was going to fail and you all knew you were going to get into this ought automatic cuts. where do democrats and republicans start cutting? we talked about math this entire time. the math on tax increases doesn't add up to close even this year's budget deficit. >> we actually did a trillion dollars in cuts, 100% cuts. and what the president said at the time is as we move forward, having done 100% cuts we need to take a balanced approach. and he has put on the table additional cuts. for example, let's get rid of some of the big ag subsidies and put on the table other cuts. he's absolutely right, if you don't ask higher income earners to chip in a little bit more to reduce the deficit, you're going to whack everybody else, hit our kids' education, reduce our investm
we can't even close this year's budget deficit. where do democrats and republicans alike start cutting? democrats and republicans alike came up with a compromise to raise the debt ceiling. whether you tell me no or yes, i genuinely believe you aall knew the super committee was going to fail and you all knew you were going to get into this ought automatic cuts. where do democrats and republicans start cutting? we talked about math this entire time. the math on tax increases doesn't add up to...
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Jul 30, 2009
07/09
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CNN
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it will affect the deficit, right? >> it affects the deficit except for that first $600 million that we built into the budget. the rest, we will find a way to pay for it. these people who are complaining about the deficit voted almost unanimously for a tax cut that put is hundreds of bills of dollars into dead and a war in 2002. they didn't care so much about the budget deficit. when it comes time to ensure people who aren't insured and help people who are underinsured and to provide consumer poe texs for people who have insurance, they are talking about deficits. >> how about that, senator borrasso. senator brown just laid out the charge and said republicans weren't so interested in deficits when george bush was in office but now they are deficit hawks. >> i wasn't in the senate when those votes were cast. if you take a look at the total debt buildup from george washington to the end of george bush, add it all up, obama has exceeded those numbers. it is unsustainable. >> is that true? >> it is the number one thing on
it will affect the deficit, right? >> it affects the deficit except for that first $600 million that we built into the budget. the rest, we will find a way to pay for it. these people who are complaining about the deficit voted almost unanimously for a tax cut that put is hundreds of bills of dollars into dead and a war in 2002. they didn't care so much about the budget deficit. when it comes time to ensure people who aren't insured and help people who are underinsured and to provide...
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now this isn't the deficit. the deficit is the yearly budget short fall. the debt is the accumulation of all the deficits and the interest owed on it. america's debt is upward of $15 trillion. you are going to continue to hear calls from everybody who is running for office for a bipartisan plan to tackle the debt. except we have one. it's called simpson-bowles colloquially and it is nearly two years old. it was ordered by president obama. it was called the national commission on fiscal responsibility and reform. it was made up of 12 members of congress appointed by their party leaders. it also included six non-elected officials appointed by president obama. the first one was allen simpson, former republican senator from wyoming and erskine bowles who used to be the chief of staff to president clinton. hence, the name, simpson-bowles. now it put everything, everything on the table and the result was a truly bipartisan plan to reduce america's debt by $4 trillion over ten years through spending cuts and tax reform. now you can see that green line is sort of
now this isn't the deficit. the deficit is the yearly budget short fall. the debt is the accumulation of all the deficits and the interest owed on it. america's debt is upward of $15 trillion. you are going to continue to hear calls from everybody who is running for office for a bipartisan plan to tackle the debt. except we have one. it's called simpson-bowles colloquially and it is nearly two years old. it was ordered by president obama. it was called the national commission on fiscal...